The UK sealed a landmark Trade and Cooperation Agreement (TCA) with the EU on December 24 and officially left the bloc on December 31, 2020. Less than two weeks after Britain ended its membership with the bloc, EU chiefs are set to announce a fund worth £535million (€600million) for struggling EU fishing fleets and another £3billion (€3.4billion) for other sectors, RTE news reports.
The financial package forms part of a so-called Brexit Adjustment Reserve agreed by EU leaders last year – worth £4.4billion (€5billion).
Reacting to the imminent announcement, a former Westminster and Brussels adviser suggested this would indicate a win for the UK in Brexit talks.
In a post on Twitter, Lee Rotherham said: “The first solid indicator of what the fisheries gains from the Brexit deal are for the UK.”
In the EU trade deal – worth more than £600billion to the UK economy – Britain will leave the EU Common Fisheries Policy and slash the number of EU boats in British waters by 2026.
The number of EU vessels allowed in UK waters will be reduced by 25 percent over the next five year period.
Under the terms of the agreement, quotas for EU fishermen will be cut by 15 percent in the first year.
They will then be reduced by a further 2.5 percent in each of the following four years.
Once the Common Fisheries Policy is phased out, the UK will take back control over its Exclusive Economic Zone (EEZ) – which stretches up to 200 nautical miles from the coast.
By 2026, it is estimated UK fishing fleets will have access to an additional fishing quota worth £145million each year.
UK boats can expect a significant increase in quota for 57 out of the 90 species of fish caught in British waters.
The need for an emergency fund comes as French fishing industry workers complain of issues in the supply chain.
Fishmongers from the busy Boulogne-sur-Mer port in France have warned post-Brexit red tape has halted the next-day delivery of salmon and lobster from the UK to Europe.
READ MORE: Brexit LIVE: Fishermen dodging rules by landing in Denmark
The additional red-tape has also had a knock-on effect in European markets.
Mr Mille explained a consignment of crab caught in UK waters were delayed at the weekend and said 20 percent of the goods had perished.
Stephane Pruvost, chief executive of fish processor JP Maree, also confirmed he had to suspend imports.
He said: “When you have fewer sellers, there’s less choice on price, and sometimes quality.
“For now we’ve no other choice.”